Tang Eng Iron Works Co., Ltd. (2035) AI Stock Analysis

Tang Eng Iron Works Co., Ltd.

(TPEx:2035)

Select Model

Rating:39Underperform

Price Target:TWD 25.00▼(-6.02% Downside)

Action:initiatedcoverage

Date:11/10/26

The company is in severe financial distress, which is the primary driver of the low score. Core operations are unprofitable and burning cash, while the balance sheet is highly leveraged with minimal equity cushion. The stock's weak technical trend and negative valuation metrics reinforce the poor outlook. A major operational turnaround or industry recovery is needed to alter this negative trajectory.

Positive Factors

Improving Losses and Cash BurnThe improvement in losses and free-cash-flow burn provides a potential recovery foundation if it continues over coming quarters. However, the benefit is currently incremental because the company remains unprofitable and cash-consuming, so this is evidence of progress rather than an established turnaround.

Negative Factors

Structural UnprofitabilityNegative gross and operating margins indicate that the core business is not currently covering production and operating costs. Continued losses weaken retained equity and restrict internally funded investment, making durable earnings recovery essential for financial resilience and shareholder returns.

Tang Eng Iron Works Co., Ltd. (2035) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 9.38B
Dividend Yield: ―
Average Volume (3M): 7,389
Price to Earnings (P/E): -16.2
Beta (1Y): 0.05
Revenue Growth: -11.75%
EPS Growth: 63.69%
Country: TW
Employees: 647
Sector: General
Sector Strength: 55
Industry: Steel

Tang Eng Iron Works Co., Ltd. Business Overview & Revenue Model

Company Description

Tang Eng Iron Works Co., Ltd. is primarily engaged in the fabrication and global distribution of a wide array of stainless steel products. The company's diverse offerings include various forms of steel such as rolls, slabs, blanks, ingots, substantia...

Tang Eng Iron Works Co., Ltd. Financial Statement Overview

Summary

Financial health is critically poor. The company faces steep revenue declines, deeply negative gross margins, massive cash burn from operations, and a dangerously high debt-to-equity ratio of 5.7x. The business is destroying shareholder value and liquidity at an unsustainable rate.

Income Statement

8Very Negative

Balance Sheet

10Very Negative

Cash Flow

5Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	9.58B	9.60B	12.19B	10.71B	14.02B	16.81B
Gross Profit	-351.80M	-1.25B	-490.14M	-864.32M	5.91M	1.97B
EBITDA	-231.37M	-1.23B	-399.37M	-802.59M	76.69M	1.88B
Net Income	-574.99M	-1.65B	-771.74M	-1.13B	-224.95M	1.59B
Balance Sheet
Total Assets	18.18B	17.45B	17.72B	16.67B	17.38B	20.15B
Cash, Cash Equivalents and Short-Term Investments	50.64M	222.30M	114.17M	288.67M	507.04M	1.05B
Total Debt	11.88B	10.95B	9.62B	7.84B	7.18B	9.21B
Total Liabilities	16.09B	15.18B	13.90B	12.05B	11.66B	14.31B
Stockholders Equity	2.09B	2.28B	3.83B	4.61B	5.71B	5.83B
Cash Flow
Free Cash Flow	-2.27B	-1.19B	-1.91B	-878.11M	1.47B	301.56M
Operating Cash Flow	-2.01B	-981.07M	-1.70B	-584.93M	1.56B	430.64M
Investing Cash Flow	-174.47M	-227.25M	-261.90M	-288.82M	-73.58M	-89.56M
Financing Cash Flow	2.21B	1.32B	1.79B	655.38M	-2.03B	578.62M

Tang Eng Iron Works Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2035 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2033	66Neutral	TWD 8.95B	258.92	―	0.27%	-1.16%	-4.45%
TW:2013	63Neutral	TWD 8.13B	12.73	―	5.85%	-5.75%	8.87%
TW:5013	62Neutral	TWD 9.15B	28.90	―	1.11%	7.84%	135.43%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:1532	48Neutral	TWD 9.06B	22.78	―	3.74%	0.87%	215.40%
TW:8937	39Underperform	TWD 10.53B	177.31	―	0.10%	655.50%	80.09%
TW:2035	39Underperform	TWD 9.63B	-16.22	―	―	-11.75%	63.69%

* General Sector Average

Performance Comparison

TW:2035 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2035	Tang Eng Iron Works Co., Ltd.	26.60	-2.10	-7.32%
TW:1532	China Metal Products Co., Ltd.	21.40	-4.35	-16.90%
TW:2013	China Steel Structure Co., Ltd.	41.00	2.24	5.77%
TW:2033	Chia Ta World Co., Ltd.	74.00	58.55	378.96%
TW:5013	New Best Wire Industrial Co., Ltd.	63.00	35.07	125.58%
TW:8937	Her Chee Industrial Co., Ltd.	23.05	-15.70	-40.52%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 10, 2026

Tang Eng Iron Works Co., Ltd. AI Stock Analysis